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ACCOUNTING SERVICES IN UAE

 ACCOUNTING SERVICES IN UAE

 

Handling accounting for your business is no easy feat, but it’s crucial to keep things accurate. Thafsir Tax and Accounting Consultancy is the best Tax and Accounting Consultancy in UAE and we’ve got your back. Our expert team provides tailored accounting services to keep your financial records up-to-date and precise, whether you’re a small startup or a large corporation. We specialize in auditing services to help businesses in UAE identify risks and enhance their financial performance. Additionally, we offer VAT services in Ajman, Dubai, and across the UAE, guiding businesses through VAT regulations with ease. Trust Thafsir for accurate, compliant, and reliable financial statements. Contact us today to learn more about our accounting services in Dubai and how we can support your business.

 

Thafsir Tax & Accounting Consultancy in UAE, offers a range of accounting services, including corporate tax services, to help businesses manage their finances and stay compliant with UAE tax laws. Our experienced accountants provide expert advice on tax planning, compliance, and reporting requirements, ensuring our clients stay updated with the latest changes in corporate tax laws in the UAE. We aim to deliver accurate, reliable, and timely corporate tax services in UAE that cater to the unique needs of each client.

 

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Accounting Consultancy in UAE

Running a business involves various tasks, with accounting being a fundamental aspect. Effective and precise accounting is essential for the seamless operation of a business. It not only provides a clear understanding of the financial landscape but also ensures that the business runs smoothly. Through accurate accounting and taxation, you gain insights into your expenditure and income sources, keeping your business well-organized at all times.

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Do You Need Accounting Services In UAE?

Managing the accounting needs of a large organization is essential for smooth operations. You have the option to hire a permanent staff member, engage a reputable consultancy like ours, or seek a one-time consultant for specific needs. One-time consultations are beneficial for major business decisions or overseeing past accounting services, but ongoing support from a trusted consultancy is often more advantageous. This consistent support ensures a deep understanding of your business principles and values.

 

Thafsir Tax and Accounting Consultancy, a leading provider of accounting services in UAE, offers various services including VAT services, auditing services, IT services, and comprehensive accounting services in all Emirates of the UAE.

 

As part of our commitment to excellence, we proudly provide access to the EmaraTaX platform in the UAE. This innovative tool helps businesses manage tax obligations efficiently, offering tools to streamline the tax filing process and ensure compliance with local regulations. With EmaraTax, you can track tax liabilities, generate accurate returns, and file taxes directly with authorities, all through a user-friendly platform. Our expert accounting consultants in UAE assist in setting up and provide ongoing support to maximize the benefits of this powerful tool.

 

What Are The Duties Of Accounting Consultants?

Accounting consultants in UAE plays a crucial role in providing insights into the financial health of businesses and individuals. They analyze financial information, aid in decision-making, create and analyze financial documents, identify areas for improvement, optimize accounting procedures, and estimate future profits. At Thafsir, our experienced accounting consultants in UAE possess a deep understanding of local regulations and industry best practices. We collaborate closely with clients to deliver customized solutions for their specific needs.

Whether you require assistance with bookkeeping, financial reporting, tax planning, or any other accounting aspect, our consultants are here to help. We prioritize delivering exceptional value and continuously seek ways to enhance our services, staying ahead in the dynamic business landscape. Before finalizing a consultant, ensure they offer a comprehensive suite of services to meet all your needs

Features to Check For

Experience matters the most. Look for an experienced accounting consultant or an accounting  firm that is also well versed with latest technology in accounting.

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Flexibility

You need someone who understands the needs of your firm and has similar ideals to yours or understands them and brings up solutions accordingly. If something isn’t suitable, they must be adaptive and receptive to others’ opinions as well.
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Expertise

Their skill sets, how many diverse clients they have worked with, past success rate, etc., can be parameters.
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At Thafsir Tax and Accounting services, we have a team of highly experienced  and professional accountants who understand the changing times and the progressive needs of your firm. To find out how our accounting consulting works give us a call. We are providing accounting services in UAE and other Emirates also.

Bookkeeping Services In UAE

Importance of Bookkeeping 

Bookkeeping is the primary part of accounting. Recording all financial transactions is referred as Bookkeeping.. It helps organize data when accounting and analyzing business performance. It is not merely writing down all the transactions that take place, but to keep them organized and categorized so that when you want to find something particular, it’s easier to find.

The Benefits of Bookkeeping

Today, almost all transactions happen digitally. Therefore questions may arise about the need for bookkeeping. The truth is yes, it is still relevant to maintain records in an orderly manner since it makes examination easier and helps you find a particular transaction. Other than this, it helps businesses in various ways.

Helps In Taking Proper Decisions

It gives you the exact details about whom you owe money, who owes you money, and it is easy to calculate the precise amount. Proper bookkeeping makes accounting very easy, therefore, is vital in making decisions.

Guides in Assessing the Business

Bookkeeping helps in determining the performance of the business. The method helps in evaluating the exact financial position of the business. This is super helpful in making balance sheets and is a great way to compare aspects of profits and growth.

Proper Communication With Investors

Investors are key for upscaling any business. They are very anxious to know whether their money has been utilized properly, and whether the business is profitable. Bookkeeping makes it easy to prepare, document, and examine information regarding the figures. This ensures communication with the investors.

Controls the Cash Flow

Keeping a check on the cash flows is very crucial to any business. Understanding the company’s financial data helps control cash flow and helps in times of difficulty.

Tax Compliance

These reports come in handy to assess the tax payable to the government. When filing taxes, these records ensure that your tax report is error-free and accurate. To prepare a tax-compliant report, bookkeeping is essential for any business.

How Thafsir Can Help You?

Thafsir Tax and Accounting Consultancy strives to make running a business simple for you. Hence, our team of experts and skilled accountants will assist you with bookkeeping and other accounting services. We are one of the leading accounting consultants that provides accounting services in UAE.

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Payroll Management 

How is payroll Management Done?

If you are running a company, you might know that whatever may happen, every month’s salary has to be credited to every employee’s account on time. This task has to be done on time and has no place for errors. Payroll processing is a complicated yet routine task in every business. A mistake might lead to chaos, and rectifying it could be a laborious task.
Salary credit boosts employees, and any errors or delays in that process can affect productivity in the long run. Hence it has to be done meticulously. However, this is a task prone to error, and simple excel sheets are not well-equipped to calculate and credit salaries to employees of different grades and pay all at once. Therefore, outsourcing payroll or automation is the key.

Why is This Task so Complicated?

This is a messy job and has a lot of different criteria and needs. Payroll Management involves Human Resource Management, Finance, and Accounting teams working together. There are deductions like employees’ PF contributions, TDS, meal coupons, disbursements, etc., and mistakes in this could lead to a loss for the company or create a mess among workers.

Steps Involved in Payroll Management

Payroll is one of the highest expenses of the month and a time-consuming task. It is a long process, and here we have decoded it for you.

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Onboard Employees

Prepare a list of employees to be paid and have data ready about their pay scale.
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Define Your Payroll Policy

Businesses should have payroll policies approved by the government, and include attendance, leave, and employee benefits.
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Gather Employee Inputs

Collect data like an employee, PAN, address, and bank account details and upload it to your server at the time of joining by the concerned teams.
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Calculate Payroll

Feed into the system and process payroll. This helps in net payment calculations after adjusting necessary deductions and taxes due. Automating calculation helps avoid any errors.
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Disbursing Salaries

Make sure Your bank has enough funds to make transfers. Then instruct the bank to disburse salaries with a bank advice statement.
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Distribute Payslips and Tax Computation

Payslip distribution with a tax computation sheet is the last step. All these can be outsourced to experts. Their Tax and Accounting Consultancy has all the resources you need to run your payroll cycle efficiently and smoothly. To make use of the services, contact us.

Annual Financial Plan

What Comprises a Financial Plan

Having a plan is essential in every aspect of life. In business, it is even more crucial. A well-thought-out return plan for your business gives you a clear idea about the process and path you have to take to achieve your goals. Financial goals are of the highest priority. How you handle money tells how you can handle life. Therefore, laying out a financial plan for the year ahead is a must.
Now, as a small business owner, this might be easy for you as you have a vision for your company, and you have other companies as references to choose from and plan your financial goals. If you are a business owner of a big firm employing a large number of workers, you can consult someone to devise a financial plan.

When You Need a Financial Plan?

If you are planning to extend your business and open branches, change your business models and create new supply chains, or start a franchise or outsource. You have to have a financial plan in hand when planning to venture into a new business and also when you are opening a new unit. A yearly plan is also essential. These are crucial times, and getting a clear understanding of what you’re setting foot into is very important.

Important Components of a Financial Plan

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Financial Goals

Your financial goals are the reason you want a plan. It is these goals you need to plan and execute within a given period can be short-term goals like achieving a sales target or raising certain equity or long-term goals for the company.
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Net Worth Statement

To start a new path, you need to understand where you stand. A net worth statement gives you a clear picture of your current financial position.
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Budget and Cash Flow

This is the foundation of a financial plan. You need to estimate the cost for your future projects and goals, allocate money for the company’s regular operations, the upcoming projects and ensure that you don’t fall short of cash. Also, if you need to take a loan, ensure that you have the eligibility, and at no point in time you will fall short of cash.
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Debt Management Plan

A growing business will and should have some debt. Company with debt higher than 30 or 40 percent of its entire worth is deemed as bad. Otherwise, using the money for growth is part and parcel of business. But at any point, ensure that you are never short of cash.
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Emergency Funds

No matter how thought out your plan is, there are always chances for disasters. You need a backup plan to ensure that you have an emergency fund to mitigate the issue. Have insurance coverage for your upcoming projects to withstand any unforeseen circumstances. If you still are wary of doing your financial plan, get an expert to do the job. At Thafisr Tax and Consultancy, get your annual financial plan done. Our plans have proven effective for our clients in the past, and we are looking forward to joining hands with you for your next big financial goal.

” If you still are scary of doing your financial plan, get an expert to do the job. At Thafisr Tax and Consultancy, get your annual financial plan done. Our plans have proven effective for our clients in the past, and we are looking forward to joining hands with you for your next big financial goal “